The founder and president of Orlando-based commercial real estate investment group Estein USA paid $2.85 million on Friday through an affiliate for a second home on the Isleworth Country Club golf course.
Set in the 5000 block of Isleworth Country Club Dr. on a 0.81-acre lot, the 20-year-old home features six bedrooms and eight baths acres 7,158 square feet of conditioned area.
The property backs up to the eighth fairway of the Isleworth golf course, and lies less than a quarter mile to the course's entrance.
A circular drive and fountain marks the estate's entrance, and highlights inside include two walk-in pantries in the kitchen and high-end Dacor and Viking appliances, a custom walk-in closet for two in the master bedroom, screen-enclosed swimming pool with large deck space, summer kitchen with built-in grill, a media room, home office with built-in wood shelving, and two-car garage with golf car storage.
The buyer was an LLC affiliate of German businessman Lothar Estein, who founded Estein USA in Orlando in 1994 and a sister company in Germany. Both companies have invested more than $5 billion of equity since in real estate investments across the United States, according to the company's website.
Those investments include Estein & Associates USA having been a joint venture partner in the 1,641-key Peabody Orlando hotel that sold in 2013 to Hyatt Hotels Corp., and 14 acres of undeveloped property approved for hotel or multifamily in Orlando's tourism corridor, at the corner of Universal Boulevard and Carrier Drive.
Estein owns two other Orange County homes in his name. Those include another home in the 5000 block of Isleworth Country Club Drive just four lots away from the new purchase, which he bought in 1997 and in 1999 built a five-bed, 5.5-bath home with 6,560 square feet of conditioned area.
The second home is on Woodchase Circle in the Waters Edge at Turtle Creek subdivisions, a 2,051-square-foot home with three bedrooms and two baths that Estein bought in 2005 for $495,000.
The sellers were Curtis G. and Stacy R. Marks, who previously paid $1.9 million for the Isleworth home in 1999.
The Marks had moved back to Minnesota in 2007, where Curtis had co-founded Verifications, Inc., a background checking and drug testing company that was later acquired in 2013. They had maintained the Isleworth property as a vacation home until recently.
Listing agent for the seller was Dianne Duvall ofIsleworth Realty, and the buyer's agent was Dana Rohe of Isleworth Realty.